Turkey Financial News

Posted by meb at November 3rd, 2011

Turkish contractors, long unable to receive payments for projects in an unstable Libya, woke up Wednesday with renewed hope as Economy Minister Zafer Çağlayan arrived in Tripoli to discuss a solution for the problem with the country’s new rulers, the National Transitional Council (NTC).

Following months of heavy fighting against dictator Muammar Gaddafi, NTC fighters gained full control of Libya last month. Turkish construction companies that have the largest share of Turkish investments in Libya had to suspend projects following the national unrest.

Companies have failed to receive payment for projects — estimated at around $1.5 billion — they had completed prior to the uprising. (more…)

Posted by meb at November 3rd, 2011

Turkish construction companies should rush back to Libya, their one-time top market, as the government is ready to support them, according to Economy Minister Zafer Çağlayan.

“Our businessmen demand a special customs permit to take their machinery and equipment to Libya,” the minister said during a press meeting yesterday in Tripoli with his Libyan counterpart.

A business assembly of 200 people accompanied the minister during the one-day visit.

Turkish companies undertook $7.627 billion worth of projects in Libya in 2009 and 2010, according to official data.

Upon Turkish Prime Minister’s order, Turkey will build schools, mosques, police stations, courts and jails in Libya, the minister said. (more…)

Posted by meb at November 3rd, 2011

The total revenue earned through online payments increased by 52 percent to 16.9 billion Turkish Liras in the year’s first nine months compared to the same period last year, according to data released yesterday.

“Almost one in every five people in Turkey now shops online,” said Soner Canko, general manager of the Interbank Card Center (BKM), speaking at Cardist 2011 International Card and Smart Technologies Exhibition & Summit held in Istanbul. He said Turkey ranked among the biggest markets in Europe regarding online commerce. The number of Internet transactions jumped 37 percent in the first three quarters compared to the same period in 2010, reaching 91.4 million transactions. (more…)

Posted by meb at November 3rd, 2011

The number of buildings needing to be renewed in Turkey over the next two decades is estimated to be 8 million, according to a chief construction sector representative.

“The renovation of 8 million dwellings over the next 20 years will generate an annual value of 28 billion Turkish Liras for the Turkish economy and the employment of 1 million people,” Tahir Tellioğlu, chairman of the Construction Contractors Federation (TİM-FED), said in a recent interview. (more…)

Posted by meb at April 26th, 2011

The chairman of Turkcell, Turkey’s leading mobile phone operator, has started talks to resolve disputes after an annual general meeting last week, said the company in a filing with the Istanbul Stock Exchange, or ISE, on Monday.

TeliaSoner, 38 percent stakeholder in the company, said earlier Friday that the Turkcell board was in a deadlock after shareholders on Thursday failed to agree on removing Chairman Colin Williams and on a dividend from profits last year, Bloomberg reported Friday. (more…)

Posted by meb at April 26th, 2011

Some 2.1 million tourists visited Turkey in the first quarter of 2011, an increase over last year, the Turkish Hoteliers’ Federation, or TÜROFED, said last week, Anatolia news agency reported.

According to a TÜROFED tourism report, the first-quarter numbers for 2011 were 17.6 percent rise over last year’s figures of 1.8 million for the same period.

“The first-quarter figures indicate we can easily achieve our year-end target,” TÜROFED Chairman Ahmet Barut said at a press conference in Istanbul. Turkey received most of its tourists from Germany, Russia and Britain. (more…)

Posted by meb at April 21st, 2011

Amid recent debates over creating a domestic car brand in Turkey, a Turkish wagon company has already managed to produce a domestic train named the Anatolia.

The train will run on diesel, making it highly attractive for markets whose transportation system is mainly designed for diesel, the top official of Turkish Wagon Industry, Inc., (TÜVASAŞ), the producer of the trains, told Today’s Zaman.

The country’s first domestic diesel train Anatolia was put on the tracks during a ceremony on Tuesday in the northwestern province of Sakarya. TÜVASAŞ General Manager İbrahim Ertiryaki told Today’s Zaman that the latest available technology was used in producing the wagons, 85 percent of which were produced locally. (more…)

Posted by meb at April 15th, 2011

The U.S.-based Abercrombie&Fitch, a clothing retailer known for having half-naked male shop assistants greet customers at the door of its New York City branch, and its subsidiary Hollister are looking for the right place to open their first store in Istanbul.

The two brands are searching to secure space at İstinye Park, a stylish shopping mall in the city’s Maslak district.

The brands aim to open their first store after the end of 2012, Hakan Kurt, the general manager of the mall, said Tuesday at a retailers’ award ceremony in Istanbul.

“Still, we face some difficulties to create free space in the mall. Our only hope is turn over of some current renters,” he said.

The famous textile brand H&M opened its second store in Turkey in İstinye Park earlier this month.

The company runs stores in the United States, Japan, England, Denmark and Italy.

Abercrombie&Fitch is among the mostly imitated fashion brands in Turkey.